Job Market Trends – Dutch Uncles

India’s SaaS Industry Could Reach $1 Trillion in Value By 2030

Aakash Sharma — Mon, 02 Aug 2021 08:35:10 +0000

With rapid digitisation during the COVID-19 pandemic, India’s software-as-a-service (SaaS) industry has been one of the biggest frontrunners in topping the growth charts. According to a recent report by SaaSBooMi, McKinsey and SaaS NASSCOM, the industry in India can reach a $1 trillion valuation and create about 5 lakh new jobs by 2030. About 1,000 SaaS-based companies in India, including ten unicorns, generate about $2-3 billion in total revenues and employ nearly 40,000 people.

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The SaaSBooMi, McKinsey and SaaS NASSCOM study found that the global SaaS market is expected to grow at an annual rate of 18-20% with a turnover of over $ 500 billion by 2025.

Indian SaaS Industry Insights

Last year, Indian SaaS companies took advantage of the favourable digital wave due to COVID and saw $1.5 billion invested in them. The sector also added six new unicorns, including Postman, Highradius, Chargebee Zenoti, Browserstack, and Innovacer.

SaaS contributes to approximately 50% of a company’s digital value in today’s time, even though a business typically spends only about 20% of its total technology budget on SaaS. This indicates its potential for value. The ability of Indian product companies to sell to global enterprises from India remotely is the SaaS industry’s biggest strength.

Growth Drivers and Inhibitors for SaaS Start-ups and SMEs

Most SaaS companies, especially B2B SaaS start-ups, choose to hold companies in the US or Singapore to get rid of strict Indian rules. As a result of this, the sector’s employment occurs here, yet most of the value creation takes place outside India. The Reserve Bank of India’s regulations for two-factor authentication are helpful for security, but they hinder start-ups’ ease of functioning. These rules do not allow SaaS companies to regularly bill global customers, which is a key reason they look outside India for listing.

Still, industry leaders are actively working with the government and NASSCOM to address SaaS value creation in India. These regulations will take time, but the government is very open to solving this issue, as per recent public records.

The Job Market – Creating half a million jobs by 2030

While the recent report shows that India’s SaaS sector could reach $1 trillion in value over the next nine years, it also indicates that it could create half a million new jobs. There are currently over 1,000 SaaS compliant companies and over ten unicorns in the Indian market employing around 40,000 people per year.

The Indian ecosystem supports the development and growth of SaaS. This is due to the country’s strong commitment to software implementation like customer relationship management (CRM), enterprise resource planning (ERP), collaborative applications, real-world monitoring tools and a better understanding of requirements.

High profile entrepreneurs back Indian SaaS start-ups – the $85 million fund

Top Indian entrepreneurs have set up a fund with an initial budget of $85 million to support SaaS start-ups in India. ‘The Together Fund‘ is set up by Girish Mathrubootham of Freshworks Inc., Manav Garg of Eka Corporation, and Shubham Gupta, who heads the SaaS investments at VC Matrix Capital.

In addition to the fund, more than 150 innovators and developers from India and Silicon Valley, including product/engineering heads and designers, have pledged to help start-up entrepreneurs focus on building and selling SaaS businesses worldwide.

Suggested ‘Plan of Action’ for the SaaS industry and aspiring entrepreneurs

For new entrepreneurs in this space, things might get a bit smoother with support from existing players and VCs, and a possible ease up in regulations. Most SaaS start-ups face significant challenges in the earlier stages of growth regarding talent development for scalability. These challenges will be eased up with the new initiatives and support by the business community.

As new entrepreneurs explore the industry and its change-making revolutionary aspects, it is expected that they might have cohesive support from industry associations, government, corporates and investors going forward.

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Trends That Have Reshaped the Job Market in Travel and Hospitality

DU Desk — Sat, 31 Jul 2021 07:28:25 +0000

Being one of the biggest employing and entrepreneurial industries globally, the travel and hospitality industry is undergoing a profound transformation, thanks to pandemic-induced challenges and subsequent financial hardships. The acceptance of the ‘new normal’ has made it imperative for the industry’s most prominent players as well as new start-ups and SMEs to manage operations from a unique standpoint, allowing hospitality companies to emphasise their core business, thus improving effectiveness.

While the change in any industry is inevitable, some segments always stand to benefit from it. And with the latest changes, job seekers stand to profit big time as the challenges have allowed the industry to start in the new digital-led direction. Additional complexities and potential problems have given rise to numerous types of jobs.

Here we list new trends that have reshaped the job market in travel and hospitality.

New Age Cabin Crew

Cabin crew positions are traditional positions that have remained relatively similar throughout the history of aviation. However, getting a cabin crew position is now more competitive than ever. Airlines require the crew to be attractive and to provide excellent customer service. But now, to cut costs, many airlines also need cabin crew to perform the chores of cleaners, cooks, and security personnel – hence new age cabin crew.

Programmes and training for this job can help people develop new skills and prepare for the arduous processes involved in the role. The potential income for new-age cabin crew positions is estimated at Rs 40,000 per month.

Online Travel Agent

Over the years, customers have shifted away from the traditional type of travel agents and such companies. Instead of availing the services of travel agencies, consumers have chosen to either create their live DIY-style packages or turn to online players like MakeMyTrip, Yatra, Goibibo and more.

So, to become an online travel agent, one has to follow a relatively straightforward process to meet the criteria. All it takes is a familiarisation process with GDS and inventory management systems, and with experience, one is good to be an online agent. Initially, the potential income of an online travel agent ranges from Rs. 10,600 to Rs. 30,300 per month.

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Businesses will need high entrepreneurial opportunities to make the most of their existing customers. As customers travel in limited numbers due to COVID, hospitality businesses should make the most of it.

Travel Insurance Sales Representative

Following the COVID-19 crisis, people have become more aware of the importance of insurance, including travel insurance, than ever. While many travel and tourism jobs do not give much money, the financial arm of the industry is one area where new job seekers can make substantial money. With little training, one can earn a healthy salary in this up-and-coming role in the travel industry. Sales training courses prepare you for this career. The average wage of an insurance sales agent in India is approximately Rs. 25,000 per month.

Plan of action for entrepreneurs in the travel and hospitality space

Entrepreneurs of all scales, including SMEs and start-ups, need to adopt a multi-tasking strategy to succeed in the industry now. In future, due to decreased demand leading to low value and profitability, much emphasis will be on labour cost control. In this scenario, hospitality professionals who have multiple skills and can carry out different jobs will prioritise filling up new job opportunities in the hospitality industry. Businesses’ problem-solving and design thinking skills for creating unique experiences are set to become necessary to understand travellers’ new demands and solve their problems in a post-pandemic world.

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A Taste for Recruitment, Job Market Trends in Restaurant and Food Services

DU Desk — Tue, 13 Jul 2021 08:35:12 +0000

The restaurant food services job market has worn a deserted look ever since the second wave began. Employees suffered from job losses, pay cuts, and were forced to change their career paths this year. But now that the curve has flattened, restaurants are scrambling to hire people to recover the losses quickly before talks of a third wave emerge. If you are looking to venture into this space, you need to be aware of the pitfalls and the opportunities in the food job market so that you can hire with precision.

Has recruiting halted?

The Restaurant industry came to a standstill early this year, with mass layoffs and a complete full stop on recruitment efforts. But once again, restaurants are looking to salvage the losses incurred during the second wave lockdowns. They are taking advantage of the lockdown lifting and have resumed hiring for key positions like Bartenders, Restaurant Managers, Waiters and Kitchen Staff. Recruitment is picking up from where they had left off in the Food Services business.

Current Recruitment Trends in Restaurants and Food Services

Disinterest among food service job seekers

Currently, only 10% of job seekers in Restaurant & Food Services are seeking urgent job opportunities. Since food businesses are struggling to cope with losses, being employed only means low wages, pay cuts, fear of being laid off, and nil tips earned since operations are no longer happening in full capacity. Finding suitable candidates who are actively applying for jobs and willing to work for meagre employment benefits will be tough for businesses.

Low salaried jobs

The industry is currently unable to entertain or fulfil high salary demands of workers joining or re-joining the workforce. As such, low salaried jobs are trending since industry standards have significantly dipped. Competitive salaries are no longer being offered to otherwise high paying jobs like Executive Chef and Restaurant Managers.

No employment benefits for recruitment in the unorganised sector

The unorganised sector in the Restaurants & Food Services industry comprises solopreneurs or families selling RTE (read-to-eat) meals through roadside stalls, dhabas, food carts, and street stalls. They were once the biggest employment generator and contributor to the workforce in the industry. However currently, employees being hired in these firms will be unable to enjoy benefits since the unorganised sector cannot afford to provide them.

Good news for job seekers – Hiring activity saw growth of 15% in June 2021

As per ‘Naukri Job Speak Index’, a report by Naukri.com, the job market saw a 15% growth in the month of June and is recovering post the second wave. This is good news for job seekers since hiring activity was up by 87% in June across Hotels and Restaurants ever since recruitment took a nosedive with the onset of the second wave.

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Competitive salaries are no longer being offered to otherwise high paying jobs like Executive Chef and Restaurant Managers.

What’s in it for me?

The Restaurant and Food Services Industry is one of the largest consumers of skilled, semi-skilled, and unskilled staff in the country. But due to lack of Government support and relief measures like moratorium on rentals, tax compliances, interest payments, it’s not feasible to hire salaried employees, especially for luxury hotel and restaurant chains.

As per the current job market trends in this sector, the salary standards in the industry have been thwarted. You can offer low salaries but make sure to consider the needs of employees trying to make a living in this space. If you are opening a food business, focus on hiring for online deliveries. You will need a fleet of delivery executives especially if you are going D2C and a complete Digital Marketing team to improve outreach and orders. Hiring must be very precise, and your staff must run on limited capacity to reduce the possibility of Covid transmission.

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uFaber To Create 1000 Jobs by end of 2021

Anju Nambiar — Sat, 12 Jun 2021 07:45:16 +0000

uFaber is an Ed-Tech start-up based in Mumbai which has pledged to hire 1000 WFH (work-from-home) teaching professionals in the coming 6 months. This is great news for job creation in an environment where people are suffering from mass layoffs, dismal job markets, and salary downgrades.

How has uFaber been able to create jobs?

uFaber has been able to create jobs owing to their ‘hyper-personalised’ learning offering. Also, parents renewed interest towards extracurricular learning through an expert trainer or personal coach has helped them immensely. Their job creation boom stems from their discovery of the potential of qualified women trainers working from home. The explosion in the demand for ed-tech platforms amidst the shift to remote learning in the pandemic has helped platforms like uFaber ramp up their hiring efforts. Thus, creating more work-from-home jobs for teaching personnel. uFaber realised early on, even before the pandemic that qualified professional women trainers all across India were waiting for jobs following the WFH model. By targeting this untapped segment, they were able to create a goldmine of job opportunities.

How Start-ups creating jobs is a boon to the economy

The higher adoption of ed-tech platforms is creating jobs which is subsequently proving to be a saving grace for the disrupted economy. Ed-Tech is capitalising on the significant internet penetration within the country and thus contributing to negating the ill effects of Covid on the economy. By creating jobs for the largely untapped segment of stay-at-home teachers in India, Ed-Tech is directing its cash flow coming in from investors to deserving, qualified citizens. The biggest impact of the economic downfall has been the wiping out of jobs. By restoring job opportunities, ed-tech start-ups are helping the economy recover.

Job creation by the Ed-Tech sector

With the steady and accelerated growth of the Ed-Tech sector, it’s become a hot new playground for investors and Venture Capitalists. In 2020, when the pandemic was in full swing, Ed-Tech bagged over $2.2 B in funding, most of which has obviously gone into hiring efforts by start-ups. Ed-Tech’s blended teaching and learning methodology is not only creating jobs now for trainers but is also preparing students to be ready for the unconventional jobs of the future. In 2021, BYJU’s, a big player in ed-tech will be responsible for creating 8000 job opportunities. Similarly, uFaber and another noteworthy player in Ed-Tech, ‘Vedantu’ will add 1000 and 2500 jobs to the market respectively in the remainder of 2021.

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The higher adoption of ed-tech platforms is creating jobs which is subsequently proving to be a saving grace for the disrupted economy.

What’s in it for me?

There are plenty of qualified women in rural India who are trained in teaching. Ed-Tech start-ups have a golden opportunity to onboard them to your platform because traditional schools are no longer an avenue for employment for these women. But this opportunity is not only restricted to women since even male teachers are suffering from job losses and are well deserving of WFH teaching opportunities.

Your ed-tech platform can bridge the digital divide between these capable teachers/coaches/trainers, and enthusiastic students who are desperate for personalised learning outcomes. By enabling and empowering women teachers in remote places across India, your Ed-Tech start-up will have a massive leverage both in terms of women empowerment as well as towards contributing to saving the economy. You can make immense profits since the market is huge for 1-1 coaching for several exam prep like UPSC, spoken English, IELTS, etc.

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Latest Job Market Trends in Agritech

Anju Nambiar — Fri, 28 May 2021 11:35:04 +0000

Agriculture is the new, hot field of study in Engineering. The focus of the nation has sharply shifted to agriculture and agriculture technology which is something that’s well deserved for this sector and long overdue. The Agri-tech job market in India is teeming with opportunities due to the renewed interest among students and professionals towards new-age technologies (like deep tech, AI, ML, and IoT) driving farming practises. If you are a new agritech start-up, and you are unsure of the kind of skills and qualifications to look for while hiring, these latest job market trends will guide you:

AI Data Engineering

This job trend is for the requirement of AI-based Data Analysis professionals. Agri-Tech companies need data engineers who can work on open research problems and monitor Machine Learning Algorithms. You need to hire Candidates qualified in Computer Science & Engineering. This job trend is demanding professionals with the skills and abilities to understand complex machine learning algorithms. It also demands know-how of deep learning tools.

City-wise operations management

If you are an Agritech start-up facilitating access to farm-to-fork produce, you need to tap into this job market trend. Since this technology solution (home delivery of farm fresh produce) leans towards e-commerce, city wise operations management will help you streamline infrastructure and labour required for order fulfilment. Region-wise responsibilities include management of last-mile delivery processes pertaining to logistics and transportation. Professionals with data driven process management skills are best suited for this job role.

Vendor Management

Agritech start-ups who are listing products under multiple categories need Vendor Management. Especially for ensuring the right mix of vendors when supplying fresh fruits and vegetables. This scenario is most seen among e-grocery start-ups. Key skills like price and demand generation, and end-to-end vendor management are driving this trend.

Machine Learning Specialisation

Machine Learning Specialization is a job market trend where Agritech companies are actively looking for professionals who are adept at cutting edge machine learning techniques. Candidates familiar with deep learning libraries can best fulfil this job market need.

Farm solution operations management

Farm solution operations management is a trend where Agritech start-ups are hiring agricultural professionals with leadership skills. It requires hands-on working knowledge of how farm solutions can be deployed at the ground level. Candidates qualified in Agricultural fields of study including Agronomy, Horticulture, Entomology, and Pathology are in-demand to fulfil this job market trend.

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The Agri-tech job market in India is teeming with opportunities due to the renewed interest among students and professionals towards new-age technologies (like deep tech, AI, ML, and IoT) driving farming practises.

What’s in it for me?

Agritech is home to a number of advanced technology-driven farming practises like mechanisation and automation, traceability, etc. As an Agritech start-up looking to build your team, set your sights on engineers, professionals, scholars, and agronomists with strong digital expertise. Hire people with technical know-how. Skills like Digital Transformation, and data management should be your search criteria while scouring the job market for candidates.

The post Latest Job Market Trends in Agritech appeared first on Dutch Uncles.

E-Commerce Employment Trends 2021

Anju Nambiar — Thu, 20 May 2021 06:05:05 +0000

What’s trending in the E-commerce job market?

There has never been a better time for the e-commerce industry. Online orders are in full swing and e-commerce stores are scrambling to fulfill orders that are pouring in the tens of thousands. In 2021, the job market is seeing similar trends as last year with the demand for technically savvy digital marketing and customer service professionals. There are some very interesting job roles that demand qualified, skilled candidates who can handle immense volume of orders and can contribute to the curation of diverse product catalogues while ensuring high customer loyalty.

In-demand e-commerce professionals in 2021

Consumer Retention

Earning loyalty of consumers is everything if you want to get repeat orders from customers who are regular at your e-commerce store. Consumer retention is a job market trend in e-commerce where recruiters are looking for consumer retention professionals who can maintain a consumer base, build loyalty, and make sure they shop back through targeted strategies.

Consumer Satisfaction Management

Consumer satisfaction management entails running a successful e-commerce contact centre where customer service representatives interact with customers on various channels and resolve issues so fast that the speed of order fulfilment can be doubled up.

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E-commerce firms are potentially looking for candidates who can analyse large volumes of customer behavioural data and glean insights from them.

Analytics

There is great demand for Analytics as a skill in the e-commerce job market. E-commerce firms are potentially looking for candidates who can analyse large volumes of customer behavioural data and glean insights from them. Data management and pattern recognition skill sets come under Analytics which are most sought-after in the ecommerce sector. The demand for analytics professionals in e-commerce stands at 14.4% and has increased considerably. This is because early-stage e-commerce start-ups are adopting analytics from the very onset.

Customer service

Customer service will forever be the biggest important job market demand in e-commerce. Online shops need to create a humane experience for consumers and customer service is the frontline of this mission. Customer service jobs require responding to multiple customer queries, resolving their issues, and ensuring they go through a stellar experience while shopping on your site.

UI/UX Design

UI/UX Design is a hot job market trend in e-commerce. The need for professionals who can create a seamless platform for shoppers that can give them the product with exact specifications with less effort requires great website design. In order for the site to be tailored to the browsing histories of specific consumers, UI/UX designing is crucial since it facilitates high quality consumer experience.

Digital Marketing

The next most critical job market trend in ecommerce is the demand for digital marketing professionals well versed in consumer demands, digital promotions, and product marketing.

Warehouse and Logistics

Without proper logistics, the purpose of running an online store is lost. Since order fulfilment is the biggest part of successful e-commerce. Warehouse and Inventory Management is a permanent trend in the e-commerce job market since the need for qualified personnel who can successfully fulfill large volumes of orders is very high.

How do other sectors benefit?

eCommerce has skyrocketed in growth, craving the way for brighter employment opportunities across all sectors it encompasses. eCommerce being an ever-expanding market, job creation will be an ongoing process implying several sectors, industries and businesses can benefit from this booming market place. The ecommerce employment landscape has evolved radically, and there is more to what meets the eye. Both the operational as well as the software and app facet provides opportunities for various sectors and channels such as technology, content, creative, design, audio-video production, customer service, training, logistics and transport, packaging, printing etc.

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Will the Indian Retail Sector Create a Million Jobs in the Next Decade?

Aakash Sharma — Mon, 05 Apr 2021 00:35:03 +0000

There has been tremendous growth in India’s retail business over the last two and a half decades. As consumers, we have seen the unfamiliar development of the industry. And experts are now linking the digitisation and opening up of Indian retail to a more robust and more organised sector, which will provide a wide variety of employment opportunities in future.

The Organised and Unorganised Retail Sector Adds to the Economy and Employment

Even today, only a small portion of Indian retail is under the purview of the organised sector. However, the retail industry in totality, i.e., the organised and the unorganised, is expected to exceed $800 billion by 2022, with local and international companies planning to expand domestically. Industry leaders predict that the next phase of development will come from the vast rural Indian market. The existing formal and informal workforce in the retail sector stands at 800,000 – it is expected to double by 2025.

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With the new addition of retail businesses, the market capacity is set to increase from 100 million in the 2000s to 1 billion by 2025.

Factors Promoting Rapid Retail Change and Job Creation

The key drivers of rapid retail transformation are personal experience, digital operations, fintech providing an integrated supply chain, and an object-oriented application framework. With the increasingly digitised skills and functions, such as warehouse integration into the back-end system and inventory management, the retail sector is growing at a record speed. It needs a more hands-on deck to manage the rapid transformations.

Several factors have significantly contributed to the significant transformation of retail, including:

Integrated supply chain that improves local connectivity and distribution capabilities,

Government’s encouragement of digital transactions,

Emergence of innovative financial technologies (fintech)

Spectacular increase in contactless digital payments

The COVID Card – Rising Numbers in the Retail Workforce

India’s retail industry has plenty of room for everyone – from supermarkets to contemporary mom and pop store retailers (Kirana stores) and e-commerce vendors. With the new addition of retail businesses, the market capacity is set to increase from 100 million in the 2000s to 1 billion by 2025. This boom has set many inspiring stories of companies creating new growth opportunities through digital technology, such as Flipkart, Snapdeal and new retail players like Super Smelly and Nykaa, among many others.

One of the most robust retail ecosystems in India lies in the Kiranas. Due to COVID-19, even the Kirana stores adopted a digital approach. For the first time, they chose the online ordering technology through an integrated super-local supply chain and digital payments through various service providers.

What does the future hold?

While enabling additional revenue creation of $640 billion and generating 12 million jobs, the O+O model (Object-Oriented Application Frameworks) can immensely expand online-led exports from $2.1 billion in FY20 to $125 billion dollars by 2030. In the process, the sectored contribution to total exports will increase substantially as well – from 0.2% presently to 8.9% by 2030. The numbers speak for itself – this will boost jobs in retail like never before.

This can be seen from three primary angles: growth in retail trade, growth in employment and exports. Several media surveys peg the number of Kirana stores that went online last year at a staggering 1 million. E-commerce and retail convergence are great opportunities that will unfold the benefits in the next ten years.

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These are the Public-Private Partnerships in Agritech

Naina Sood — Fri, 02 Apr 2021 08:35:04 +0000

Agritech startups have been continuing in their effort to innovate with the goal of improving farmers’ lives. However, the complexity of the agriculture sector makes it difficult for them to remedy these challenges independently. The answer lies in collaborations. The government bodies/financial institutions have initiated several measures for improving agriculture services and are constantly moving ahead in collaborations with the private sector, especially start-ups, to bring in tech-driven innovative solutions. We evaluate the latest public-private partnerships in Agritech:

Digital Platforms: Partnering to Connect Stakeholders

Digital platforms have been the most common proposition between public and private partnerships in agriculture. Agritech startups have been providing online marketplaces for farmers, connecting them with large institutional buyers, including the government for transparency and fair prices.

For instance, recently, Pune-based Agritech startup Agri10x announced collaboration with Indian government to help remote farmers sell their produce directly in the market using blockchain and artificial intelligence (AI) platforms. The government has been looking for partners to launch blockchain-powered marketplace for integrating farmers with markets.

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NITI Aayog and other academic institutions have opened their doors to reattach alliances with several leading tech firms to implement AI projects in agriculture.

Financial Institution Tie Ups: Opportunity in Backend Tech & Lending Management

With an aim to reach the last mile and diverse the borrower base, banks are partnering with public enterprises, especially Agritech start-ups, in multiple ways. First is partnership where the private players can provide the bank with collateral management and warehousing services to help farmers with effective market linkage. This way the banks are able to extend finance to farmers, Farmer Producer Organisations, processors, and various depositors whose agri-produce is stored in warehouses managed by the private company. This is similar to the tie up between Canara Bank and post-harvest Agritech start-up Arya. Bank of Baroda also signed an MoU with Allfresh Supply Management Pvt Ltd for extending finance to the farmers against pledge of warehouse receipts issued by the company.

Second is a partnership model where banks leverage the technology offered by the private company to make lending decisions. Banks find it difficult and uneconomical to gather and verify farm-level and farmer-level data and have limited visibility on financial information like cash flows and credit history. This is where the private sector comes in to fill in the gap and hence partnerships.

Technology Alliance: AI & Data-led Forecast, Monitoring

State governments are forming technology partnerships to forecast prices of agricultural produce using AI to help farmers in efficiently planning their harvest cycle. Agritech start-ups are bringing in technology for data collection on soil health, weather forecast, cropping pattern etc. For instance, the government partnered with Bengaluru-based Agritech startup CropIn Technologies to streamline the CCE (Crop Cutting Experiment) process and make it more accurate and scalable using AI and ML. CCE is aimed at accurately estimating the yield of a crop in a region during a given cultivation cycle. CropIn will help the government in providing technical support to conduct reliable, accurate, and large scale CCE within a short harvesting window and limited manpower.

Similarly, the Karnataka government partnered with IBM for tomato price forecasting using AI, ML technologies. Partnerships are also being forged between state government enterprises and technology players for quality, safety, traceability and monitoring services using AI and quick response (QR)-code tagging during packaging and warehousing process.

NITI Aayog and other government academic institutions have also opened their doors to reattach alliances with several leading AI technology players to implement AI projects in agriculture.

What is in it for me?

As an agriculture solution developer, you need to build a product/offering that fits into the existing government framework, workflows and technology platform as there is a lot happening from the public sector’s end as well in technology. Government flagship programs like Pradhan Mantri Fasal Bima Yojana, Soil Health Card, Pradhan Mantri Krishi Sinchai Yojana, Paramparagat Krishi Vikas Yojana, Rashtriya Krishi Vikas Yojana, require specific technology which can be catered by private sector. The golden rule is to first understand what is the gap in agriculture sector and then jump into the market with the product.

The post These are the Public-Private Partnerships in Agritech appeared first on Dutch Uncles.

5 Travel and Hospitality Trends Transforming Job Market in 2021

Naina Sood — Sun, 28 Mar 2021 06:35:04 +0000

The year 2020 changed the way many industries operate, setting way for new trends. In the context of jobs, there are some which are or will remain no more prevalent which would also mean many new ones will be created too. We evaluate the travel and hospitality trends that will be on the table in 2021, paving way for new kinds of roles.

Buying Travel Certainty: Independent Travel Experts and Insurance Boom

A lot of tourism and travel businesses went bust in 2020 due to travel restrictions amidst Covid-19. Take for instance, high street stores of companies like Thomas Cook which closed operations across the globe as they were no longer competitive enough. There is now a factor of uncertainty when it comes to making a travel plan. Nobody wants to make a booking which could be cancelled the next day. This will pave the way for independent travel experts which can provide intimate and personalised services and hence a reassurance to travellers during uncertain and turbulent times. Having a personal consultant for travel might become a new trend.

Change In The Marketing Game: Influencer Market

It’s all about the influencer market these days. Every second Instagram post of an influencer will see them show you around a beautiful location, a great resort stay and the hospitality provided by them. From luxury chains to small boutique homestays, everyone is scouting for barter/paid deals with influencers, bloggers, Youtube stars to up their marketing game as the restrictions open up.

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Covid has given sustainable tourism a fast-forward of several years. Areas like eco tourism, rural tourism, volunteer tourism, glamping and slow travel are expected to see a surge.

Smart Tourism: Calling Technology Developers/Experts

Recovering from Covid-19 losses, majority of the players in the hospitality industry are wanting to adapt to smart tourism to improve the efficiency of resource management, maximise their profits and most importantly adhere to the “no touch” policy through the use of technological innovations and practices. For the hospitality segment, smart tourism could be implemented in varied forms starting from QR code for menus, devices for safety protocols, IoT devices for hotel management etc.

Smart tourism is going to be big business in travel. IoT technology will help to reopen tourism destinations and facilities while preventing and limiting the spread of the Covid-19. This would involve things like smart motorways, facial recognition, virtual tours, robot vending machines etc which will lead to more and more demand for technology products, developers and experts.

Sustainable/Niche Tourism: New-Age Consultants, Design Experts

Covid has given sustainable tourism a fast-forward of several years. Areas like eco tourism, rural tourism, volunteer tourism, mountain climbing, outdoor activities, glamping and slow travel are expected to see a surge. This will create opportunities for independent guides and organisers/companies besides consultants who specialise in sustainable tourism. Countries are on a hiring spree for sustainable tourism experts as the tourism business revives. This is also an opportunity for start-ups as the industry moves away from mass tourism to more smaller and more unique types of tourism, known as niche tourism.

Secondly, eco-friendly practices are becoming the norm, as properties focus on renewable energy resources and water scarcity. This has been around for quite some time now but the adoption rate is likely to increase in future, paving way for design experts, architects and consultants which would help the properties go clean and green.

What’s In It For Me?

In order to survive and grow in the travel and hospitality sector, one needs to go beyond the knowledge of old basic operations, especially adapting to new technology and personalisation. There would be a need to re-skill in terms of concepts like sustainability, responsible travel etc. Unique short term courses are coming up like ‘coding for hospitality’ to help students/entrepreneurs ride the tech-driven disrupted wave in the sector, service operations management, hotel market analysis and valuation, hotel revenue management, excellence in spa operations, financial planning for wellness centers.

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4 FinTech Trends Transforming Job Market in 2021

Shalmoli Sarkar — Fri, 26 Mar 2021 06:35:04 +0000

India’s tryst with mobile wallets or online payment began when PM Narendra Modi announced demonetisation and encouraged the use of online payments nationwide. Besides, affordable smartphones and cheaper data plans the adoption of fintech payments in India is largely driven by the tech-savviness of the country’s younger population consisting of GenZ and millennials of the age group 18-34 yrs and not to forget the pandemic for contactless payments that has further catapulted its growth. A recent report from Boston Consulting Group revealed that India’s financial technology companies are poised to become three times as valuable in the next five years, reaching a valuation of $150-$160 billion by 2025. India’s fintech universe has currently more than 2100 fintech,out of which 67 percent have come up in the last five years. The total valuation of the industry is estimated at $50 -$60 billion. Despite the Covid-19 chaos the investors found the fintech sector lucrative enough to invest. As per a report from KPMG, 2020 witnessed fintech sector receive funds worth $2.7 billion. Thus, the high levels of fund infusion and technology know-how are driving this meteoric rise of fintech companies and startups which in turn is creating demand for several job roles and skills. Below are some of the fintech trends that will be transforming the job market in 2021.

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A recent report from Boston Consulting Group revealed that India’s financial technology companies are poised to become three times as valuable in the next five years, reaching a valuation of $150-$160 billion by 2025.

Fintech Trends That Will Shape The Job Market in 2021

Blockchain technology

Blockchain technology in the fintech industry, with its characteristic distributed ledger system, can provide faster payments, brings more real-time transactions between financial institutions and lowers operational costs. Its transparent and secured tech infrastructure has eliminated the need for intermediaries to keep any records. Blockchain technology in fintech trends is pushing the demand for blockchain experts for various job roles such as blockchain-developers, solution architects, UX designers, quality engineers, and legal consultants. Blockchain developers need to have an in-depth knowledge of languages such asC++, Python, and Javascript.

Artificial intelligence and Machine Learning

As per the findings of the IBM Security report, India was the second most attacked country in Asia Pacific with the finance and insurance sector being targeted with 60 percent of attacks. A cyberattack on any bank or fintech app is a blow as it erodes customer trust, brand image, and loss of revenue and income. Therefore companies are constantly hunting to search for the best cybersecurity experts to detect frauds and deviations. Here the expert will create algorithms to analyse data across a set of parameters and find out user behaviour and discern patterns to detect potential frauds. Over time AI learns and adapts to flush out fraud cases. With machine learning, risk assessment systems are updated to insulate consumers and businesses from ransomware and malware attacks. Students aspiring to a career in cybersecurity need to have pre-requisites of advanced cybersecurity concepts, extensive cybersecurity work experience, industry certifications, knowledge of regulatory policies, apart from a degree in technology.

Robotics Processing Automation

Fintech companies decide to eliminate redundancy by automating manual tasks such as customer relationship management, procurement, or insurance using robotic process automation (RPA) tools. The RPA tool mimics a human’s actions in a graphical user interface and then performs those actions in the same user interface and communicates with other software systems. RPA has in-built Artificial Intelligence (AI) and machine learning capabilities that will remove many back-office and middle job roles .However, the AI automation in RPA in fintech trends will help in the creation of new job roles as RPA developers and engineers to develop RPA frameworks or customising the frameworks.

Mobile Wallets

According to Assocham, the usage of mobile wallet transactions in India is estimated to be worth 260 Billion by 2022. The spike in mobile wallets can be attributed to the usage of smartphones, cheaper 4G data plans, growth of the e-commerce sector, increasing disposable income, and government initiatives like ‘Digital India’ etc. The massive adoption of mobile wallets among Indians will be opening new career avenues for IT-professionals, like software and mobile app developers, experience designers, and big data analysts. . Fintech companies will also demand MBA with a sales background who will join the functions for marketing, product, strategy, sales, and operations roles. Finance and economics graduates will be required for regulatory compliance and graduates with data science can join in risk, information management.

Various fintech trends will help educational institutions to include subjects like data science, artificial technology, machine learning, etc. in their courses to equip the undergraduates to be industry-ready for the fintech space. For fintech startups, various technologies will help them analyse what kind of talent they should attract for building their workforce.

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